Retirement Security Most Households Approaching Retirement Have Low Savings

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Retirement Security

Author : Charles A. Jeszeck
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Retirement Security by : Charles A. Jeszeck

Download or read book Retirement Security written by Charles A. Jeszeck and published by . This book was released on 2016 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO's analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to draw on in retirement (see figure below). For example, among households age 55 and older, about 29 percent have neither retirement savings nor a DB plan, which typically provides a monthly payment for life. Households that have retirement savings generally have other resources to draw on, such as non-retirement savings and DB plans. Among those with some retirement savings, the median amount of those savings is about $104,000 for households age 55-64 and $148,000 for households age 65-74, equivalent to an inflation-protected annuity of $310 and $649 per month, respectively. Social Security provides most of the income for about half of households age 65 and older.Studies and surveys GAO reviewed provide mixed evidence about the adequacy of retirement savings. Studies range widely in their conclusions about the degree to which Americans are likely to maintain their pre-retirement standard of living in retirement, largely because of different assumptions about how much income this goal requires. The studies generally found about one-third to two-thirds of workers are at risk of falling short of this target. In surveys, compared to current retirees, workers age 55 and older expect to retire later and a higher percentage plan to work during retirement. However, one survey found that about half of retirees said they retired earlier than planned due to health problems, changes at their workplace, or other factors, suggesting that many workers may be overestimating their future retirement income and savings. Surveys have also found that people age 55-64 are less confident about their finances in retirement than those who are age 65 or older.

Retirement Security Most Households Approaching Retirement Have Low Savings

Author : U.s. Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781544221809
Total Pages : 52 pages
Book Rating : 4.2/5 (218 download)

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Book Synopsis Retirement Security Most Households Approaching Retirement Have Low Savings by : U.s. Government Accountability Office

Download or read book Retirement Security Most Households Approaching Retirement Have Low Savings written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-03-06 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: As baby boomers move into retirement each year, the Census Bureau projects that the age 65-and-older population will grow over 50 percent between 2015 and 2030. Several issues call attention to the retirement security of this sizeable population, including a shift in private-sector pension coverage from defined benefit plans to defined contribution plans, longer life expectancies, and uncertainty about Social Security's long-term financial condition. In light of these developments, GAO was asked to review the financial status of workers approaching retirement and of current retirees. GAO examined 1) the financial resources of workers approaching retirement and retirees and 2) the evidence that studies and surveys provide about retirement security for workers and retirees. To conduct this work, GAO analyzed household financial data, including retirement savings and income, from the Federal Reserve's 2013 Survey of Consumer Finances, reviewed academic studies of retirement savings adequacy, analyzed retirement-related questions from surveys, and interviewed retirement experts about retirement readiness. GAO found the data to be reliable for the purposes used in this report. GAO received technical comments on a draft of this report from the Department of Labor and incorporated them as appropriate.

Retirement Security

Author : United States Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781982022433
Total Pages : 52 pages
Book Rating : 4.0/5 (224 download)

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Book Synopsis Retirement Security by : United States Government Accountability Office

Download or read book Retirement Security written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-12-27 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Retirement Security: Most Households Approaching Retirement Have Low Savings

Retirement Security, Most Households Approaching Retirement Have Low Savings

Author : U.s. Government Accountability Office
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781973954477
Total Pages : 52 pages
Book Rating : 4.9/5 (544 download)

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Book Synopsis Retirement Security, Most Households Approaching Retirement Have Low Savings by : U.s. Government Accountability Office

Download or read book Retirement Security, Most Households Approaching Retirement Have Low Savings written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-07-27 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: " As baby boomers move into retirement each year, the Census Bureau projects that the age 65-and-older population will grow over 50 percent between 2015 and 2030. Several issues call attention to the retirement security of this sizeable population, including a shift in private-sector pension coverage from defined benefit plans to defined contribution plans, longer life expectancies, and uncertainty about Social Security's long-term financial condition. In light of these developments, GAO was asked to review the financial status of workers approaching retirement and of current retirees. GAO examined 1) the financial resources of workers approaching retirement and retirees and 2) the evidence that studies and surveys provide about retirement security for workers and retirees. To conduct this work, GAO analyzed household financial data, including retirement savings and income, from the Federal Reserve's 2013 Survey of Consumer Finances, reviewed academic studies of retirement savings adequacy, analyzed retirement-related questions from surveys, and interviewed retirement experts about retirement readiness. GAO found the data to be reliable for the purposes used in this report"

Retirement Security, Most Households Approaching Retirement Have Low Savings : Report to the Ranking Member, Subcommittee on Primary Health and Retirement Security, Committee on Health, Education, Labor, and Pensions, U.S. Senate

Download Retirement Security, Most Households Approaching Retirement Have Low Savings : Report to the Ranking Member, Subcommittee on Primary Health and Retirement Security, Committee on Health, Education, Labor, and Pensions, U.S. Senate PDF Online Free

Author : United States. Government Accountability Office
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (956 download)

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Book Synopsis Retirement Security, Most Households Approaching Retirement Have Low Savings : Report to the Ranking Member, Subcommittee on Primary Health and Retirement Security, Committee on Health, Education, Labor, and Pensions, U.S. Senate by : United States. Government Accountability Office

Download or read book Retirement Security, Most Households Approaching Retirement Have Low Savings : Report to the Ranking Member, Subcommittee on Primary Health and Retirement Security, Committee on Health, Education, Labor, and Pensions, U.S. Senate written by United States. Government Accountability Office and published by . This book was released on 2015 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Retirement Security

Author : Sofia E. Paulsen
Publisher : Nova Snova
ISBN 13 : 9781536165067
Total Pages : 0 pages
Book Rating : 4.1/5 (65 download)

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Book Synopsis Retirement Security by : Sofia E. Paulsen

Download or read book Retirement Security written by Sofia E. Paulsen and published by Nova Snova. This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to concerns over the adequacy of retirement savings, Congress has created incentives to encourage individuals to save more for retirement through a variety of retirement plans. Some retirement plans are employer-sponsored, such as 401(k) plans, and others are established by individual employees, such as Individual Retirement Accounts (IRAs). Chapter 1 describes the primary features of two common retirement savings accounts that are available to individuals. Chapter 2 examines Department of Labor's process for granting exemptions for prohibited IRA transactions and outcomes of that process, and the extent to which DOL and IRS collaborate on oversight of prohibited transaction rules for IRAs.In response to an aging workforce, countries around the world have developed policies to encourage older workers to work longer to improve the financial sustainability of national pension systems and address shortages of skilled workers. Phased retirement is one option that can be used to encourage older workers to stay in the workforce. Chapter 3 examines the extent to which phased retirement exists in other countries with aging populations, the key aspects of phased retirement programs in selected countries, and the experiences of other countries in providing phased retirement and how their experiences can inform policies in the United States.Federal law encourages individuals to save for retirement through tax incentives for 401(k) plans and IRAs--the predominant forms of retirement savings in the United States. Federal law also allows individuals to withdraw assets from these accounts under certain circumstances. Chapter 4 examines the incidence and amount of early withdrawals; factors that might lead individuals to access retirement savings early; and policies and strategies that might reduce the incidence and amounts of early withdrawals. Chapter 5 reports on the number of households approaching retirement with low savings.As Americans age, family caregivers, such as adult children and spouses, play a critical role in supporting the needs of this population. However, those who provide eldercare may risk their own long-term financial security if they reduce their workforce participation or pay for caregiving expenses. Chapter 6 examines what is known about the size and characteristics of the parental and spousal caregiving population, including differences among women and men; examines the extent to which parental or spousal caregiving affects retirement security; and identifies and discusses policy options and initiatives that could improve caregivers' retirement security.

Rescuing Retirement

Author : Teresa Ghilarducci
Publisher : Columbia University Press
ISBN 13 : 0231546270
Total Pages : 177 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Rescuing Retirement by : Teresa Ghilarducci

Download or read book Rescuing Retirement written by Teresa Ghilarducci and published by Columbia University Press. This book was released on 2018-01-23 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: Retirement shouldn’t be just for the rich: “Finally, a practical plan to address Americans’ lack of adequate retirement savings.”—Michael Bloomberg Everyone deserves to be able to retire with dignity, but this core feature of the social contract is in jeopardy. Companies have swerved away from pensions, and most of the workforce has woefully inadequate retirement savings. If we don’t act to fix this broken system, rates of impoverishment for senior citizens threaten to skyrocket, and tens of millions of Americans reaching retirement age in the coming decades will be forced to delay retirement and will experience a dramatic drop in their standard of living. In Rescuing Retirement, economist Teresa Ghilarducci and billionaire businessman Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. Built on people’s own money in individual Guaranteed Retirement Accounts, the plan requires no new taxes, no more bureaucracy, and no increase in the deficit. Speaking to Americans’ growing anxiety about their ability to retire, Rescuing Retirement provides answers to anyone wanting to understand the growing movement to protect a period of life once considered a deserved time of rest and creativity and offers a practical guide to the future of secure retirement. “Ghilarducci and James never slip into wonk-speak or jargon, and lay readers will appreciate the way the authors make sense of complex economic issues.”—Publishers Weekly

Aging and the Macroeconomy

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309261961
Total Pages : 230 pages
Book Rating : 4.3/5 (92 download)

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Book Synopsis Aging and the Macroeconomy by : National Research Council

Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

Retirement Security Endangered by Low Savings

Author : Raymond W. Greene
Publisher :
ISBN 13 : 9781634841450
Total Pages : 113 pages
Book Rating : 4.8/5 (414 download)

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Book Synopsis Retirement Security Endangered by Low Savings by : Raymond W. Greene

Download or read book Retirement Security Endangered by Low Savings written by Raymond W. Greene and published by . This book was released on 2015 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: As baby boomers move into retirement each year, the Census Bureau projects that the age 65-and-older population will grow over 50 percent between 2015 and 2030. Several issues call attention to the retirement security of this sizeable population, including a shift in private-sector pension coverage from defined benefit plans to defined contribution plans, longer life expectancies, and uncertainty about Social Security's long-term financial condition. This book examines the financial resources of workers approaching retirement and retirees and the evidence that studies and surveys provide about retirement security for workers and retirees.

Retirement on the Rocks

Author : Christian E. Weller
Publisher : Springer
ISBN 13 : 113757514X
Total Pages : 233 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Retirement on the Rocks by : Christian E. Weller

Download or read book Retirement on the Rocks written by Christian E. Weller and published by Springer. This book was released on 2016-04-29 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the US, retirement savings are low while risk exposure is high, thus dooming many retirees to a low standard of living. This book offers straightforward solutions to build real retirement security for American families.

Retirement Security

Author : Charles Jeszeck
Publisher :
ISBN 13 : 9781457853692
Total Pages : 89 pages
Book Rating : 4.8/5 (536 download)

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Book Synopsis Retirement Security by : Charles Jeszeck

Download or read book Retirement Security written by Charles Jeszeck and published by . This book was released on 2014-03-27 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Marriage has historically helped protect the financial health of couples and surviving spouses in old age. Based on their marriage, and independent of their own work history, spouses may receive retirement and survivor income through Social Security and some employer- sponsored pension plans. Many of the federal requirements governing these benefits were developed at a time when family structures, work patterns, and pensions were very different from what they are today. In recent decades, marriage has become less common, more households have two earners rather than one, and many employers have shifted from defined benefit (DB) plans to defined contribution (DC) plans. In light of these trends, this report examined: (1) the trends in and status of marriage and labor force participation in American households; (2) how those trends have affected spousal benefits and retirement savings behavior within households today; and (3) the implications of these trends for future retirement security. Tables and figures. this is a print on demand report.

Retirement Security

Author : David M. Walker
Publisher :
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Retirement Security by : David M. Walker

Download or read book Retirement Security written by David M. Walker and published by . This book was released on 1996-09-28 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Millions of Americans face the possibility of a personal retirement crisis in the coming years. In the not too distant future, known demographic trends, projected financial imbalances in Social Security and Medicare programs, changes in employer pension and retiree health plans—and inadequate planning—threaten to derail your retirement security. Only through personal education, informed planning, and disciplined action can you insure a reasonable standard of living and quality of life throughout your retirement years. Retirement Security provides complete, candid, and insightful advice to help you separate retirement fact from fiction. Written by a retirement policy and planning expert with extensive experience in government and the private sector, this self-contained guide gives you the knowledge and the tools you need to make the most of your earnings and investments—both now and in the future. You will gain a solid understanding of the many components that affect your retirement security and the factors that drive them, including full coverage of Social Security, Medicare, pensions, retiree health arrangements, personal savings, and more. You will also find out how to design, implement, and amend your own retirement strategy, using a straightforward and effective seven-step method based on sound and proven retirement savings and investment principles. Whether you are embarking on a career, nearing retirement, or already retired, don't let your golden years be tarnished by financial insecurity. Retirement Security will show you how to plan, save, and invest in your future so that you can afford to retire. What is likely to happen to Social Security and Medicare programs? How can I make the most of my employer-sponsored pension and savings plans? How much income will I need for retirement? How should I invest what I save? When should I use IRAs or Keoghs? Now you can find answers to these and other critical questions in one book—Retirement Security, the most comprehensive and authoritative guide to retirement planning currently available. Combining sound analysis of the different components of retirement income with practical guidance on developing your own retirement strategy, the book's unique, two-pronged approach gives you the knowledge and the tools you need to make the most of your financial resources both now and in the future. Key features include: Comprehensive coverage of Social Security, Medicare, pensions, retiree healthcare, personal savings, and more. Clear explanations of the impact of demographics, economics, law, and politics on public and private sector programs and investments. A straightforward and effective seven-step method for devising and implementing your personal retirement plan. Crucial savings and investment principles to guide your retirement strategy. Informed guidance on where to seek further information about your government and employer-provided retirement benefits.

Retirement Security

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher :
ISBN 13 :
Total Pages : 148 pages
Book Rating : 4.0/5 (9 download)

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Book Synopsis Retirement Security by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

Download or read book Retirement Security written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

About Retirement Savings

Author :
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (31 download)

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Download or read book About Retirement Savings written by and published by . This book was released on 1998 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Growing Older in America

Author :
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.:/5 (891 download)

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Book Synopsis Growing Older in America by :

Download or read book Growing Older in America written by and published by . This book was released on 2007 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Falling Short

Author : Charles D. Ellis
Publisher : Oxford University Press
ISBN 13 : 0190218908
Total Pages : 169 pages
Book Rating : 4.1/5 (92 download)

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Book Synopsis Falling Short by : Charles D. Ellis

Download or read book Falling Short written by Charles D. Ellis and published by Oxford University Press. This book was released on 2014-12-01 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States faces a serious retirement challenge. Many of today's workers will lack the resources to retire at traditional ages and maintain their standard of living in retirement. Solving the problem is a major challenge in today's environment in which risk and responsibility have shifted from government and employers to individuals. For this reason, Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruth have written this concise guide for anyone concerned about their own - and the nation's - retirement security. Falling Short is grounded in sound research yet written in a highly accessible style. The authors provide a vivid picture of the retirement crisis in America. They offer the necessary context for understanding the nature and size of the retirement income shortfall, which is caused by both increasing income needs-due to longer lifespans and rising health costs-and decreasing support from Social Security and employer-sponsored pension plans. The solutions are to work longer and save more by building on the existing retirement system. To work longer, individuals should plan to stay in the labor force until age 70 if possible. To save more, policymakers should shore up Social Security's long-term finances; make all 401(k) plans fully automatic, with workers allowed to opt out; and ensure that everyone has access to a retirement savings plan. Individuals should also recognize that their house is a source of saving, which they can tap in retirement through downsizing or a reverse mortgage.

Will You Have Enough to Retire on?

Author : Andrew G. Biggs
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Will You Have Enough to Retire on? by : Andrew G. Biggs

Download or read book Will You Have Enough to Retire on? written by Andrew G. Biggs and published by . This book was released on 2009 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americans are concerned about the state of preparedness for retirement, and many believe that retirement security is nearing a crisis. As life expectancies increase, traditional defined-benefit pensions decline, and Social Security faces significant reforms, many argue that a significant share of Americans will be at risk of an inadequate income in retirement. But despite these anxieties, most older Americans seem well prepared for retirement. Controlling for household composition, the Social Security replacement rate for typical workers born in 1940 was 63 percent of average preretirement earnings, and the median total pension replacement rate was 92 percent of prior earnings - well over financial planners' recommended rate of around 75 percent. Even among the younger 1960 birth cohort, for whom the projected median Social Security replacement rate declines to 54 percent, the median total pension replacement rate remains at 82 percent. While policymakers should work to strengthen Social Security and private pension savings, talk of a crisis in retirement income preparedness appears premature.